Bondholders Give Eurotunnel Plan Green Light

Law360 (December 15, 2006, 12:00 AM EST) -- A majority of Eurotunnel’s bondholders have followed through on their promise to sign off on the beleaguered Channel Tunnel operator’s plan for restructuring nearly $12 billion in debt.

After a vote stymied by broken ballot-printing machines, the holders voted on Dec. 14 to approve the deal, just three weeks after a majority of Eurotunnel’s creditors gave the deal the green light.

The bondholders’ approval can be attributed to a surprising change of heart earlier this month from ARCO, the organization of Eurotunnnel bondholders which represents about...